DINKAR MAHESHWAR,KOLKATA vs. A.C.I.T.,CIRCLE-30, KOLKATA

The assessee in the present case is an individual, who filed his return of income for the year under consideration on 28.09.2013 declaring total income of Rs.15,92,020/-, which constituted his salary. In the said return, dividend income received during the year on shares was claimed to be exempt by the assessee. However, no disallowance under section 14A on account of expenses incurred in relation to the said exempt income was offered by the assessee. The Assessing Officer, therefore, invoked Rule 8D and worked out such expenditure incurred by the assessee in relation to the exempt income at Rs.2,62,708/-. Accordingly disallowance of Rs.2,62,708/- was made by him under section 14A read with Rule 8D in the assessment completed under section 143(3) of the Act vide an order dated 22.03.2016. On appeal, the ld. CIT(Appeals) confirmed the disallowance made by the Assessing Officer. Aggrieved by the order of the ld. CIT(Appeals), the assessee has preferred this appeal before the Tribunal.

I have heard the arguments of both the sides and also perused the relevant material available on record. It is observed that the income of the assessee for the year under consideration was assessed by the Assessing Officer vide an order passed under section 143(3) at the same figure of Rs,15,92,020/- as declared by the assessee in his return of income and the disallowance of Rs.2,62,708/- made under section 14A read with Rule 8D was adjusted by him against the losses of Rs.50,41,633/- brought forward from the earlier years. There was thus no revenue implication of the disallowance made under section 14A read with Rule 8D so far as the year under consideration is concerned and when this position is pointed out to the assessee, who has attended the hearing personally, he has submitted that he is not interested to prosecute this appeal, which may be dismissed as withdrawn. The ld. D.R. has also not raised any objection in this regard. The request of the assessee is acceded to and this appeal of the assessee is dismissed as withdrawn.

In the result, the appeal of the assessee is dismissed. Order pronounced in the open Court on May 12, 2021. Sd/- (P.M. Jagtap) Vice-President Kolkata, the 12th day of May, 2021 Copies to : (1) Shri Dinkar Maheshwari, Tivoli Court, 1A, Ballygunge Circular Road, Kolkata-700019